All Topics / Help Needed! / Landlord Insurance for nutty tenants??

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  • Profile photo of BreakEvenBreakEven
    Participant
    @breakeven
    Join Date: 2006
    Post Count: 80

    Hey All,

    Ive got a property in Brisbane where the tenants are getting a bit physical with each other (and not in a good way).
    Apparently the domestic arguements have been getting worse – resulting in a smashed window.   The neighbours also tell me that they sometimes hear thing being thrown around.

    Hello Landlords Insurance…  !!!

    Im checking out what Landlords Insurance deals are available online.  But can anyone reconmend an insurer or good deals.

    Cheers

    Profile photo of trakkatrakka
    Member
    @trakka
    Join Date: 2004
    Post Count: 257

    If you don't yet have landlords' insurance, I doubt you could get it to cover these existing tenants. It would be non-disclosure (fraud) not to tell them about the smashed window, and once they hear that, I can't imagine they'll want to take those tenants on. I could be wrong, but I think you've left it too late… make sure you have it in place before the next tenants and keep your fingers crossed that this time your gamble (ie not having insurance) hasn't cost you too much!

    Regards, Tracey

    Profile photo of millionsmillions
    Participant
    @millions
    Join Date: 2005
    Post Count: 355

    It sounds like my friends neighbours in Beenleigh.

    Profile photo of L.A AussieL.A Aussie
    Member
    @l.a-aussie
    Join Date: 2006
    Post Count: 1,488

    Landlord's Insurance is a must for this caper; no matter how good the area or the property.

    It's a tax deductible cost of doing business.

    Certainly ring up someone like CGU, of Property ONE, and ask a few questions about it; tell them you already have a tenanted property and see what they say.

    I don't know that the current situation with the tenants will be an issue; they may ask.

    I'm sure they will cover you, but it may be more expensive than doing it from when you buy the property. I don't know, as we've always had it from day one.

    Profile photo of BreakEvenBreakEven
    Participant
    @breakeven
    Join Date: 2006
    Post Count: 80

    Cheers guys….

    I dont expect Landlords Insurance to cover the broken window, and Im not suggesting otherwise.  I was just thinking that given the is obviously potential for future breakages etc.  They broke the window, so they need to fix it…  simple….

    Generally they are really good tenants.  Nice people who look after the place, never defaulted or given me grief…
    Its just that they are getting a bit excited….

    Lots of people seem to be with CGU…??

    Profile photo of trakkatrakka
    Member
    @trakka
    Join Date: 2004
    Post Count: 257

    I haven't taken out a landlord's insurance policy for a while (I have commercial properties at the moment), but I do find insurance brokers are generally worthwhile, and here's one that specialises in landlords' insurance (no affiliation, nor a recommendation – I just found them using google):

    http://www.terrischeer.com.au/

    Good luck,

    Tracey in Brisbane

    Profile photo of Scott No MatesScott No Mates
    Participant
    @scott-no-mates
    Join Date: 2005
    Post Count: 3,856

    The risk is no different to when you change insurers as you have found a more competitive price – it shouldn't cost any more, so shop around.

    Profile photo of hleunghleung
    Participant
    @hleung
    Join Date: 2007
    Post Count: 141

    I've used Elders for 9 years.  Reasonable premium, good service and benefits are very competitive. I've found the bank products to be confusing. 

    Profile photo of MacnattMacnatt
    Member
    @macnatt
    Join Date: 2008
    Post Count: 53

    I actually work in insurance and have gone with Terri Scheer  for my landlords rather than the company I work for (and get huge discounts from). The main reason is that they are specialist landlord insurers and that they cover not only malicious damage by tenants which can be hard to prove but also accidental tenant damage which is less difficult. They obviously also cover things like rent default and professional service for a tax audit on rental expenses which I have used recently and found their claims process easy to use. Their landlords cover is not comprehensive for the building so you would need separate building cover which they also offer as a separate product . I use the company I work for for this. Some building insurers will offer a small amount of  extra insurance if the property is an investment but it is really not very comprehensive. I always think you wouldn't go to a knee surgeon to fix an eye problem so go with the specialists in their field.

    Hope this helps.
    Nat

    Profile photo of trakkatrakka
    Member
    @trakka
    Join Date: 2004
    Post Count: 257

    Thanks, Nat, for the feedback. I'll definitely keep this in mind for next time I need a landlord's policy. I'm generally a fan of using specialists anyway, but it's good to know that you've had good experiences with Terri Scheer.

    Regards, Tracey in Brisbane

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